SECP Reports Insurance Growth to Rs3,554B

Islamabad, August 21, 2025, 08:06 PM PKT — The Securities and Exchange Commission of Pakistan (SECP) has unveiled a landmark report, releasing the Insurance Industry Statistics 2024, the fourth volume of this critical series, offering a detailed snapshot of the sector’s performance as of December 31, 2024, a vital tool for policymakers, regulators, and stakeholders, as per official disclosure. Total assets soared from Rs2,900 billion in 2023 to Rs3,554 billion in 2024, with gross premiums climbing 7% to Rs677 billion from Rs631 billion, driven by a takaful sector surge—family takaful up 37%, general takaful up 24%, pushing combined premiums near Rs100 billion.

At the launch, Commissioner Insurance Mr. Mujtaba Ahmad Lodhi hailed the sector’s pivotal role in economic development, financial stability, risk protection, capital mobilisation, and market deepening, citing 25% growth in private life premiums, a threefold digital channel rise, and robust takaful expansion. To sustain momentum, SECP plans a five-year development strategy, provincial ties for agricultural and disaster insurance, and collaboration with UNDP and Asian Development Bank, alongside mandatory coverage reforms, digital inclusion, and adoption of IFRS 17 and Risk-Based Capital standards. The report, drawn from insurer data, is on the SECP website. Web context on insurance growth shows past stagnation, while posts found on X reflect optimism mixed with caution—some cheer progress, others question reach. Critically, the narrative of “sector advancement” may mask implementation gaps—web data hints at past delays, and X sentiment suggests distrust in broad impact, pointing to potential hurdles.